Money market surges this week
2008-08-08 15:36:52 (GMT) (Caymanmama.com - Business News)Chicago, Illinois (CaymanMama.com) — The Investment Company Institute told the media on Thursday that the assets in the market of mutual funds soared by $32.09 billion and reached $3.560 trillion during the week.
The assets of the country’s retail market of mutual funds also surged by about $3.35 billion and rose to $1.244 trillion.
According to the top mutual fund trading group based in Washington, the assets of the taxable funds of money market in the category of retail dipped below $913 million and reached $936.73 billion during this week ended on Wednesday. The tax exempt fund assets also saw a steep surge of $4.26 billion and reached $306.91 billion.
The fund assets of the institutional money market experienced a surge of $28.74 billion and reached $2.317 trillion for the same time period. Among the institutional funds, the taxable assets of the money market experienced a steep rise of $16.05 billion and reached $2.108 trillion; the assets of the tax-exempted funds also rose to $209.32 billion.
According to the Money Fund report, a service provider of iMoneyNet, Inc. in Westboro, the average yield of 7 days in the money market rose to 1.87% whereas during the previous week it rose by 1.86%. The average yield of 30 days remained unfluctuated at 1.86%.
The report also analyzed that the compounded yield of seven days soared from 1.88%to 1.89% from the last week. Also, the compounded yield of the 30 days dipped below from 1.88% to 1.87%. The Money Fund also reported that the average maturity of portfolios that were held by the money funds was taking 44 days and remained unchanged from earlier week.
The online services like Bankrate.com analyzed the data through its survey of one hundred leading loan associations and commercial banks, which showed the yearly percentage yield, surged to 0.72% from 0.71%.
CaymanMama.com - Press Release Distribution Service
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